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How to Store Monero (XMR): Best Wallets and Reviews

by
AlexanderPetrex

Monero is a cryptocurrency that focuses on privacy, scalability, and decentralization. It uses an open source public ledger to record transactions and creates new units through mining. The ultimate aim of Monero is to obscure the details of the sender, recipient, and value of every transaction.

The Monero blockchain is based on the “CryptoNote” protocol that prevents people from tracing back transactions through the blockchain to reveal who sent or received coins. The only people with access to details about a transaction are the sender or receiver of the transaction.

Monero is able to achieve this high level of privacy, through (a) ring signatures, (b) stealth addresses, and (c) “ring confidential transactions” (RingCT).